As a world leader in
responsible banking, BNP Paribas is proud to have gained accreditation from the
Green Climate Fund (GCF), a global fund created by the 194 signatories to the
UN Framework Convention on Climate Change (UNFCCC) in 2010. It aims to catalyse
a flow of climate finance to invest in low-emission and climate-resilient
development, driving a paradigm shift in the global response to climate change,
and paying particular attention to the needs of societies that are highly
vulnerable to its effects – in particular the Least Developed Countries (LDCs),
Small Island Developing States (SIDS), and African States.
BNP Paribas becomes one of
few GCF-accredited commercial banks, which are able to work closely with the
Fund to help bolster its support for sustainable development. It also
underlines the achievements of BNP Paribas’ shift in strategy in recent years
to focus on the financing of the energy transition and other sustainable
projects.
BNP Paribas will be able to work closely with the Fund to help bolster its support for sustainable development
At its 21st meeting in
October 2018, the GCF board approved the deployment of over $1 billion of new
projects and programmes to support climate action – taking its total portfolio
up to 93 projects amounting to over $4.6 billion of GCF resources. This makes
it the world’s largest dedicated fund for climate action. In parallel, GCF
approved 16 new “Accredited Entities”, including BNP Paribas, which are the
partner organisations that will be able to play a leading role in implementing
their projects. The total number of Accredited Entities now stands at 75.
